Israel-based fintech company PayKey recently introduced a new concept called Earned Wage Access (EWA) in the country.
As the title suggests, EWA allows employees to access their salary before their scheduled payday under the palm of their hand.
This new concept is especially helpful for employees needing the money for emergencies and due household bills, among others, without needing to wait for half a month or end of the month for their earned wages.
Workers can go into the app to check how much money they have earned to date. Additionally, they can request an advance on salary on the app and they can do so quickly by transferring the funds to their linked bank.
PayKey is currently in “advanced talks with some leading banks” in the country to develop an end-to-end EWA solution for corporate employers to offer to workers as one of their employee benefits. It plans to introduce the mobile app in the local market sometime in 2022.
Learn more about PayKey by visiting their website here.